SMM5 March 29: today's morning trading, ferrous metals generally opened high, of which iron ore main 09 contract once rose more than 3% to 729 yuan / ton.
In terms of iron ore port inventories, it has fallen to a new low in nearly three years. The downstream demand is good, maintain the depot to support the ore price, iron ore later mainly follow the finished wood operation. However, the latest news says that the steel mills in Tangshan take the distance from the city center as the standard, and the production limit of blast furnaces within 25 kilometers after June 1 is limited by 50%. In addition, the sharp increase in foreign mine shipments a few days ago has also greatly suppressed the rise in iron ore. Beware of heightening the downside risk again.
According to SMM, inventories at 35 ports tracked by SMM totaled 100.45 million tons as of May 22, down 1.33 million tons from the previous month and 17.84 million tons from a year earlier, the lowest level in nearly three years. The rigid demand for iron ore in domestic steel mills has led to a continuous decline in port inventory. Today, SMM will release the latest iron ore port data, which is expected to continue to decline. Please stay tuned later.
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